The Tennessee Consolidated Retirement System (TCRS) has committed $700 million to real estate, including funds managed by J.P. Morgan and Ares Management.
J.P. Morgan’s Asset Management Global Real Assets’ Commercial Mortgage Income Fund received $300 million. This fund is an open-end fund investing in core real estate debt, primarily in multifamily and industrial real estate debt across the United States.
Ares Management’s Ares Real Estate Enhanced Income Fund received $400 million for its open-end, core strategy focused on the direct origination of floating-rate, first mortgage loans secured by commercial real estate in major U.S. markets.
TCRS, a public pension fund, had $78.7 billion in total assets under management, as of March 31. As of then, it had $7.4 billion in total real estate assets with a 10 percent real estate allocation target.
